Company Valuation: Kerry Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 29,526 24,672 20,725 22,582 29,432 25,920 - -
Change - -16.44% -16% 8.96% 30.33% -11.93% - -
Enterprise Value (EV) 1 49,570 65,841 62,316 70,956 69,103 60,453 62,634 58,211
Change - 32.83% -5.35% 13.87% -2.61% -12.52% 3.61% -7.06%
P/E 2.86x 8.95x 6.4x 27.8x 31.2x 13.7x 6.31x 6.15x
PBR 0.25x 0.23x 0.19x 0.22x 0.28x 0.24x 0.24x 0.23x
PEG - -0.1x 0.4x -0.4x 1.9x 0x 0x 2.35x
Capitalization / Revenue 1.93x 1.69x 1.58x 1.16x 1.5x 1.87x 1.12x 0.99x
EV / Revenue 3.23x 4.51x 4.76x 3.64x 3.53x 4.35x 2.71x 2.23x
EV / EBITDA 4.83x 9.88x 11.3x 15x 14.1x 16.5x 8.34x 6.74x
EV / EBIT 5.09x 10.7x 12.3x 16.5x 15.6x 18.6x 9x 7.43x
EV / FCF 10.8x - -199x -15.6x 6.15x 8.77x -274x 11.8x
FCF Yield 9.25% - -0.5% -6.41% 16.3% 11.4% -0.37% 8.45%
Dividend per Share 2 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35
Rate of return 6.65% 7.94% 9.45% 8.68% 6.66% 7.56% 7.56% 7.56%
EPS 2 7.11 1.9 2.23 0.56 0.65 1.307 2.829 2.902
Distribution rate 19% 71.1% 60.5% 241% 208% 103% 47.7% 46.5%
Net sales 1 15,327 14,590 13,090 19,499 19,568 13,885 23,144 26,119
EBITDA 1 10,253 6,663 5,512 4,738 4,888 3,674 7,510 8,637
EBIT 1 9,732 6,180 5,068 4,301 4,436 3,245 6,961 7,832
Net income 1 10,358 2,755 3,243 808 938 1,775 3,941 4,063
Net Debt 1 20,044 41,169 41,591 48,374 39,671 34,532 36,713 32,290
Reference price 2 20.30 17.00 14.28 15.56 20.28 17.86 17.86 17.86
Nbr of stocks (in thousands) 1,454,472 1,451,306 1,451,306 1,451,306 1,451,306 1,451,306 - -
Announcement Date 17/03/22 29/03/23 20/03/24 19/03/25 23/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
61.61x - - - 65.82B
14.08x4.56x12.27x3.6% 40.07B
5.7x0.76x1.57x8.64% 27.87B
8.36x1.48x7.93x4.24% 27.77B
17.83x3.95x15.87x1.37% 27.62B
13.63x3.06x14.66x2.57% 25.25B
9.19x3.49x7.71x-.--% 21.67B
8.18x0.91x3.3x2.73% 20.93B
10.37x2.04x8.39x4.05% 20.85B
Average 16.55x 2.53x 8.96x 3.4% 30.87B
Weighted average by Cap. 23.15x 2.68x 9.32x 3.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Kerry Properties Limited